Brief: Citicorp Sells Offshore Outsourcing Share

The Citicorp stake in Progeon Limited has been sold to Infosys Technologies Limited, according to an announcement Thursday. Under the terms, the Citicorp unit has parlayed a $20 million 2002 investment in the offshore outsourcing operation in India into $115 million.

Infosys said it is buying Citicorp International Finance Corp.'s 23 percent stake in Progeon, a business process management (BPM) provider based in Bangalore, India. When Progeon was launched four years ago, Infosys and Citigroup indicated Infosys would provide $5 million in start-up funding and Citigroup, $20 million.

In the announcement, Infosys said the transaction would be paid in cash and is expected to be completed in July.